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Aquarius Platinum completes acquisition of Ridge Mining, slides on Q4 production reportJuly 31 2009, 1:41pm
South African focused platinum miner and FTSE 250 constituent, Aquarius Platinum (LSE: AQP), reported a slight production increase in the past quarter (Q4), but failed to benefit from higher commodity prices owing to the stronger rand to US dollar exchange rate.
In its Q4 report released today the company said it was able to improve quarterly attributable production to 98,258 PGM (Platinum Group Metal) ounces, a 1% increase from the previous quarter.
Global commodity prices also grew, but Aquarius failed to benefit from this, saying the changes in prices were offset by a stronger exchange rate of the South African rand to US dollar.
Aquarius also included updates on its projects, reporting that its Wezda Phase 5.5 expansion at the Mimosa plant in Zimbabwe is complete, and the expansion at Platinum Mile nears completion.
Apart from upping production, the company has also been able to refinance. Aquarius raised USD 270 million through equity placement, rights issue and convertible bond during the quarter.
The company simultaneously announced it has finalised the acquisition of Ridge Mining and is now focusing on integrating its asset, primarily the Blue Ridge Mine, into the Aquarius Group, looking to further boost production growth.
"I am delighted that we have now concluded the transaction with Ridge. In the Aquarius portfolio, the Blue Ridge Mine and Sheba's Ridge Project will benefit from our experience and skills, and provide both production growth and optionality for the enlarged group as a whole,” said CEO Stuart Murray.